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MONTHLY BUSINESSMANAGERS’ MEETING
“FISCAL YEAREND SEMINAR”
Presented by Accounting Services
Tuesday, May 23, 20179:30 am – 11:30 amLSU Student Union, Atchafalaya Room
Office of Accounting Services
Donna K. Torres, CPA
Office of Budget & Planning
John Duplantis
Yearend Operating Budget
LaCarte Card Audit Recommendation FY 16–17 Adjustments by Ledger Account
Yearend Budget Adjustments Processed by Budget & Planning Classified & Unclassified Salary Ledger Accounts Self-Generated Revenue Closeout
New Operating Budget Application
Information and directions for using the Operating Budget Application will be sent next week Must have Cost Center Manager or Department Head
roles in Workday Ability to realign financial support budget Ability to view Position Budget – any corrections to
Position Budget processed by B&P through Workday Request must include: Name & Position number Program number/driving worktag and dollar amount
for each split Source of funds if needed
Position Budget vs Costing Allocation
Position budget is not the same as costing allocation
Position budget is not updated automatically to reflect costing allocation changes
FY 18 Position Budget will reflect the last permanent changes that have been tracked in Workday Position Budgets are only updated if a unit identifies a
transaction as permanent and provides source of fund information in the memo field in Workday
Institutional Pay Adjustments
Any institutional pay adjustments (promotion, tenure, merits, etc.) are based on Position Budgets NOT costing allocations
Position budgets must be reviewed to ensure the budget reflects the permanent splits and amounts on a position since this will be used to load the Operating Budget
Institutional Pay Adjustments
Adjustments loaded into Workday as Compensation Change Compensation change will prorate according to current
costing allocation and corresponding percentages for payroll purposes
Office of Budget & Planning: Load Position Budget for any institutional pay adjustments
based on current Position Budget splits Update Position Budget for all other permanent
compensation or costing allocation changes if notified by the department/unit
Institutional Pay Adjustments
Departments/Units Responsible for all corrections to costing allocations
after any institutional pay adjustments
For all other permanent position changes, units must note the change as being permanent and provide the following information in the memo field in order for B&P to update the Position Budget:
Source of funds if needed Program number/driving work tag and dollar
amount for each split
Procurement
Stephen Walczak
Important Yearend Dates
For all deadlines related to LSU Procurement Services, please review the FY17 Requisition DeadlineMemo at: http://www.lsu.edu/administration/ofa/procurement/pdfs/FY17_Req_Deadline_Memo.pdf
Date Description
June 2Final date to submit FY17 requisitions for state contract items (excluding vehicles), university contract items, and items that do not require a competitive bid/quotation process
June 21 Final date to submit/approve Supplier Catalog requisitions
June 26• Final date to submit PO change orders• Final date for Department’s request to cancel supplier
catalog (punch-out) POs that will not be delivered by June 3June 30 All FY17 goods/services must be received and/or rendered
Accounts Payable & Travel
Patrice Gremillion
AP Settlement Run
Friday, June 30, 2017
All supplier invoices, including punch-out invoices processed on or before June 30 must be approved
Any supplier invoices, including punch-out invoices not approved by 4:30pm will be moved to “Save for Later”
“Procurement Close-In Progress” will be initiated to close the June period for FY17 after the 6/30 AP Settlement Run is completed
Direct Charge Payments
Direct Charge Invoices and Misc. Check Requests Hand delivered to AP & Travel office Mail will not be monitored and/or returned “Fiscal Year End Accrual” box has been added to the
AS forms to indicate if the invoice/document should be accrued
Supplier Invoices will have “FY17” coded in the “External PO Number” field on the Supplier Invoice Header to identify the direct charge invoices that should be accrued
Purchase Order Invoices
“Procurement Rollover” Carryforward PO encumbrance balances Scheduled for Monday, July 3
In order to have purchase order invoices charged to FY17 budgets, departments must create Receipts dated on or before June 30
There is no deadline to create Receipts
Purchase Order Invoices
Upon the completion of the Procurement Rollover, we will resume processing PO invoices for payment on July 5
The PO Supplier Invoice will be created with “FY17” coded in the “External PO Number” field to identify the invoices that should be accrued
Departments are encouraged to assist in contacting suppliers for PO invoices
Without a PO invoice from the supplier, expenditures for the items/services cannot be recorded in FY17
Supplier Invoice Accruals
AP & Travel will create the accrual journal entries via the “Manual Journal Enterprise Interface Builder (EIB) FY17”
The accrual journal entries will be created daily, starting on July 6 – July 11 (at noon) and will be reflected on the departmental ledgers/reports
Supplier Invoices processed and approved on and after July 11 will be charged to FY18 budgets
Punch-out Supplier Invoices
Punch-out Supplier Invoices must be approved by CCM’s on or before June 30 in order to be charged to FY17 budgets
Any Punch-out Supplier Invoices for FY17 not approved by CCM’s by 4:30 pm on June 30 will be charged to FY18 budgets
No accruals will be processed for punch-out supplier invoices
Workday Supplier Invoice Analysis
Supplier Invoice Turnaround
Airgas 9-12 days
B & H Photo 5-6 days
CDW Government Inc. 3-4 days
Dell 7-13 days
Grainger Industrial Supply 2-3 days
Office Depot 4-5 days
VWR INTERNATIONAL 5-6 days
Final date to submit Punch-out requisitions is Wednesday, June 21, 2017
NOTE: Certain catalogs may be de-activated sooner due to longer processing time.Therefore, departments must plan in advance by assessing their procurement needs forany of the punch-out suppliers
Reminder – Helpful Reports
Find Supplier Invoice by Worktag
Provides the capability to locate supplier invoices for a particular Worktag
Select only “In Progress” status for tentative transactions
Expense Reports
Monday, July 3 is the last day LaCarte/CBA transactions will be loaded in Workday
No Accruals for Expense Reports
Expense Reports can be initiated after June 30 to include transactions that should be charged to FY17 budgets
Accrual journal entries should not be created for any FY17 LaCarte, CBA or travel transactions
Expense Reports
In order to have Expense Reports processed against FY17 budgets, LaCarte/CBA Transactions must be linked/imported Expense Report Date = June 30, 2017* All “approvals secured” Routed to and awaiting action by an Expense Partner
Final deadline for Expense Reports is July 7. Expense Reports not meeting all of these criteria will be charged to FY18 budgets.
Expense Reports
Departments are strongly encouraged to stay currentwith all LaCarte and CBA transactions for the remainder of the fiscal year
During the month of June, the 30-day reconciliation requirement is reduced to 7 days
Reminder – Helpful Reports
Find Credit Card Transactions by Employee Cost Center Provides a list of all employees with credit card transactions
for all statuses
Find Outstanding Credit Card Transactions by Employee Cost Center Provides a list of LaCarte/CBA transactions that have not been
submitted on an Expense Report
Find Expense Report by Worktag Provides expense reports by employee and/or by a particular
worktag Select only “Draft” and “In-Progress” statuses to view
tentative transactions.
Do not ignore emails!
PO Staff : Emails are being sent to PO Contacts or CCMs PO invoices are awaiting Receipts Match Exception issue on Punch-out invoice
LaCarte/Travel Staff: Emails are being sent to CCMs and/or Delegates in lieu of
sending back Expense Reports Adding in Comments the “Issues” Save for Later
Respond to the emails Do not edit the Expense Report if it is Awaiting Action by an
Expense Partner
Available Resources
Job Aid, AP & Travel FYE Processing Procedures – Available on or before June 15, 2017
LSU Workday Website Finance Training - Job Aids
Accounting Services Newsletter!
Bursar Operations
Larry Butcher, CPA
Friday, June 30, 2017Effects on Cash Management
One Very Important Date
Deposits
Accounts Receivable
Vault Hours10:00 am – 11:45 am and 12:30 pm – 4:00 pm daily
Financial Accounting & Reporting
Elahe Russell
Reconciliation
Review and reconcile reports/ledgers Monitor budget to actual expenses by account and
ledger Record CARD entries in a timely manner Transactions must be:
Appropriate Accurately recordedValid SupportableReasonable Recorded timelyFunded
Reconciliation
Verify revenues Ensure worktags are not overdrawn Review in progress transactions Ensure supporting documentation is attached to
detail transactions on ledger reports; reconcile documentation to identify items that have not yet posted to the report
Investigate and correct errors
Account Clean Up
If a worktag is no longer needed Verify balance is zero Clear any outstanding encumbrances or costing
allocations Request for the worktag to be inactivated
Complete the appropriate AS form, check the delete option, and submit to [email protected] for processing
Source of Funds
Unrestricted
Fund Accounts FD1xx
Funds must be spent by June 30
Accruals required for all goods or services received by June 30
Restricted
Unspent funds carry forward from year to year
Accruals required for all goods or services received by June 30
Cost Transfers, Ledger Corrections, Adjustments
Manual Journals for corrections to ledgers and transfers of expenditures appearing on appropriated funds
Verify all appropriate documentation is attached
Final Deadline for FY 17 is July 11, 2017
Cost Transfers, Ledger Corrections, Adjustments
Due Date Time period of Manual Journals
June 8 Through May 31
June 22 June 1 - 15
July 11 FINAL for FY 17
Internal Billings
Used to bill another unit or company for services
Should be initiated by the rendering department
There should be no travel ledger accounts or spend categories
Final Deadline for FY 17 is June 30, 2017
Internal Billings
Due Date For Services Rendered
June 1 Through May 31
June 16 June 1 - 15
June 30 FINAL for FY 17
Deferred Revenue/Prepaid Expense
Accounting Recognition Worktag should be used Deferred Revenue – revenue not earned until FY 18 Prepaid Expense – expenses not incurred until FY 18
Found in the Additional Worktags prompt in Workday and CARD
Entry will be processed to reclassify transactions from natural ledger accounts to deferred/prepaid
Inventory
Merchandise for resale Inventory procedures Due to Accounting Services by June 19 Include planned method of inventory Dates of expected count
Ending inventory reported to Legislative Auditors Email inventory procedures and final counts to Hope
Rispone at [email protected]
Final Inventory Counts due by July 6, 2017
The Year in Review…
Review cash management procedures
Ensure Manual Journals and Internal Billings have the correct supporting documentation
Record deposits in a timely manner
Equipment management and inventory verification
Review student payroll procedures
Workday Resources
Recommended Reports: Revenue & Expense Journal Line Details with Employee Name Trial Balance
Finance Reports by Functional Area
Training Videos and Resources http://www.lsu.edu/workday/finance_training.php
Job Aids
Payroll
Donna Dewailly, CPA
Wage Accruals
Pay Period Ending June 23, 2017 Last period processed for FY 17 Accrual 50% of Expense Journal Source is Payroll Forward Accrual Time must be submitted and approved by 11:59
pm on June 26, 2017
Student Accruals
Pay Period Ending June 30, 2017 Last period processed for FY 17 Expense will not post until July 5, 2017 No Accrual Time must be submitted and approved 11:59 pm
on July 3, 2017
Summer Research
Payment via One Time Payment FY 17 transactions due to HR 5/31/17 Successfully Complete by 6/26/17 Payment Date 6/30/17
Work Performed OTP Effective Date
5/15/17-6/30/17 5/15/17 – 6/14/17
Retro Pay Transactions
Pay Group Retro Dates Completion Date
Wage Pay Period Beginning Prior to June 10, 2017 June 21, 2017
Student Pay Period Beginning Prior to June 17, 2017 June 28, 2017
Academic Pay Period Beginning Prior to May 15, 2017 June 22, 2017
Professional Pay Period Beginning Prior to June 1, 2017 June 20, 2017
Payroll Accounting Adjustments
July 10, 2017 last day to process Status must be Successfully Complete Retro Period Activity Pay transactions do not
use Override Costing –will require a PAA
Reports
Payroll Accounting per Worktag Payroll Accounting for Worker by Pay Period Time Not Submitted Timekeeper Time Not Approved Timekeeper
Sponsored Program Accounting
Jaime Estave
Grants - Reconciliation
Review all grant ledgers, including cost sharing grants, for completeness and accuracy
Use Expense by Award to see overdrafts
Use Trial Balance to see expenditures on Tentative grants. Use the encumbrance ledger, rather than actual
ledger to review encumbrances on tentative grants
Grants/Awards with large unexpended balances should be reviewed
Agency Imposed Deadlines
Invoices for June expenditures on state funded (FD250) sponsored agreements must be submitted by the agency imposed deadline of July 15
To help us meet this deadline please:
Hand carry (Thomas Boyd 336) or email monitoring reports: May 2017 Reports Due by June 6 June 2017 Reports Due by July 5
Provide SPA contact with copies of any accruals or reconciling items for all state (FD250) grants and/or final invoices
Cost Sharing
Review commitments - use Expense by Award to view budgeted cost sharing commitments and view Award Line Notes for breakdown of salary commitments by person
Ensure expenses are recorded in the cost sharing grant lines
Ensure in-kind cost sharing certifications are received
Cost sharing must be met by the end date of the agreement
If effort certifications need to be canceled and regenerated to include the cost sharing grant line please email [email protected]
Cost Transfers
AS226: Request for Non-payroll Cost Transfer Should include a PDF version of the ledger (original charge) The memo section of the correcting journal entry should
reference the original journal entry number and unique identifying number (i.e. supplier invoice, expense report #, etc.)
AS227: Justification for Payroll Accounting Adjustments Should provide explanation of how the grant benefits from
the charge
Cost Transfers
Cost transfers must be processed within 90 days of the original transaction date
June 8 - All May (and prior month) cost transfers are due in Accounting Service
July 11 - All June cost transfers are due in Accounting Services
Agreement Expiring on June 30, 2017
For sponsored projects expiring on June 30, 2017, procurement requisitions must state (within the internal memo section of the requisition) that the sponsored agreements expires on June 30, 2017
Ensure supplies and services are received on or before the sponsored agreement ends on June 30, 2017
Q & A